[carboy]

My cousin wants to open a Savings Account in Kotak Bank (branch near her home). On the average, she would be depositing between 10-25K per month at the branch. Periodically open FDs online. Not going to do much more for now.

Kotak seems to have lots & lots of different kinds of savings accounts. What is the best for someone in her situation. Online banking is must & once a month manual deposit of some cash in the account (she teaches some tuitions etc).

[shipnil]

A question on bank account mobile linkage. Do all banks need mobile number to be linked to bank account to operate it? Any bank online banking without mobile?

The reason to ask, nowadays, a lot of scams are happening with UPI. The basic principal of UPI is if you have account number linked to mobile, you can use it for UPI. I want to keep some accounts out of the scope of UPI.

[vrprabhu]

shipnil, in today's scenario OTP authentication is a feature to facilitate the authentication of various types of online payments. I am not sure whether any bank offers net banking or credit / debit card without mobile number.

UPI works on the basis of your virtual id viz., abc@xyzbank.in. This virtual id is linked to a account number + mobile number combo. If you do not create a virtual id (like me ), the accounts under the customer id for which virtual id doesn't exist will be outside the ambit of UPI.

So, if you want to keep certain accounts out of UPI, open a separate account in another bank and don't create a virtual id.

The convenience of UPI is that it is facilities push and pull payments. So even if you don't create virtual id, you can still receive and make remittances using your account number and mobile number combo through IMPS.

[shipnil]

Originally Posted by vrprabhu

So, if you want to keep certain accounts out of UPI, open a separate account in another bank and don't create a virtual id.

I have a fair understanding of how UPI works. The issue with me is, I have a SBI Maxgain homeloan account and SBI savings account. I created id for SBI savings, using my mobile number. But during the process I could see that the NPCI is showing the maxgain account too, available for linking, as the mobile number is same. The maxgain account is not linked to any debit card but still the details are pulled in which makes it clear that they use mobile number for fetching the account details. Maxgain account is having decent balance. So I wanted to keep it out of the UPI links.

[Aroy]

I agree that there is a risk of having an account linked fro UPI on your phone. Just take a few precautions and you will be safe.

As far as I know, linking bank account to UPI is an option and not compulsory. You can live without linking UPI to any bank account.

The best method of limiting your losses in case of fraud is to have separate accounts.

1. Main account; say salary account or an account that has a hefty balance; here you can operate it through Laptop/Desktop only. As long as you do not activate Mobile Banking Account on your phone it will be impossible to access it from phone. So you are safeguarded some what.

2. Account that is linked to UPI. As long as you keep a small amount in it you are safe from a major fraud. The only downside is that when you need money in this account you have to use IMPS from your Laptop/Desktop.

3. Use a credit card instead of debit card for all your transactions. (I do that). All online payments - Amazon, PayTM, PhonePe can be used with credit cards only. I use my AMEX card extensively on-line.

[vrprabhu]

Originally Posted by shipnil

... still the details are pulled in which makes it clear that they use mobile number for fetching the account details

They will get details of all accounts linked to the customer id, I guess.

Aroy has given you a few options. The third one is best - using credit card for all payments.

Restrict the access to the account with substantial balance - some banks' mobile apps bind the primary account + registered phone number, so as to limit the chances of hacking. Even if password is compromised, account cannot be accessed unless it is through a previously registered device. (Bank with HQ in your place has such a facility)

[PPS]

I have a Savings Account with HDFC, fairly happy with it. Received an email today that as a gesture HDFC is offering me an upgrade to the Imperia Banking Programme. Exclusive privileges worth 1 lakh which includes complimentary access to airport lounges,dining,etc. Not too sure if they offer a credit card!
Is this worth an upgrade?
I presently don't have a credit card as I feel there's a tendency to overspend. I barely use my debit card & I feel I lack financial literacy.

[BlackMamba24]

Originally Posted by PPS

I have a Savings Account with HDFC, fairly happy with it. Received an email today that as a gesture HDFC is offering me an upgrade to the Imperia Banking Programme. Exclusive privileges worth 1 lakh which includes complimentary access to airport lounges,dining,etc. Not too sure if they offer a credit card!
Is this worth an upgrade?
I presently don't have a credit card as I feel there's a tendency to overspend. I barely use my debit card & I feel I lack financial literacy.

I think what they are offering is just not a credit card but banking facilities and debit card too. It’s kind of giving you priority while handling customers. And the privileges that comes with them are of use only if you have a lot of interactions with the branch. And yes credit card does have its benefits but if you use it frequently.

[PPS]

Originally Posted by BlackMamba24

I think what they are offering is just not a credit card but banking facilities It’s kind of giving you priority while handling customers.

Zero Cost on Locker Rental, preferential rates on loans & forex are some of the other benefits.

And the privileges that comes with them are of use only if you have a lot of interactions with the branch.

I have barely visited the branch thrice in last 5yrs.

And yes credit card does have its benefits but if you use it frequently.

I hardly use my debit card so I do not know how a credit card would be useful to me.

[bluevolt]

I am unable to close an FD (premature) through ICICI net banking and getting below error when I try to do so - "Your FD closure request cannot be processed as lien is marked on the FD. To close the FD, please visit the nearest branch".

I tried the same for other FDs (all have pre-mature withdrawal facility) but getting same error.

Meanwhile, I don't have any lien or dues left for anything for any bank (Loans/EMIs/Credit Card all dues are always clear)

Called up ICICI's customer care and the support guy told that this error is due to annual account closing activity due to April 1. He asked me to wait for a day and try tomorrow.

I wanted to know if this is a valid resolution? What if I needed my money immediately and internet banking is not allowing me to use my own money? What crap is this by ICICI bank!

[avira_tk]

Originally Posted by bluevolt

I am unable to close an FD (premature) through ICICI net banking
...
I wanted to know if this is a valid resolution? What if I needed my money immediately and internet banking is not allowing me to use my own money? What crap is this by ICICI bank!

I think few services will be down for today, that's the normal. NEFT was taking scheduled transactions for tomorrow, but not today's date. My experience with ICICI.

[9216]

Hello,
In early days of payment via netbanking, the merchant site redirect the customers to the original netbanking login page of the respective bank. The customer logs in and makes payment. The green lock symbol indicating secured site will be visible. Nowadays, I notice that many sites and apps redirects to the bank's page which does not display the lock symbol. How can we be sure that the netbanking site is authentic ? The attached image is for sbi when using Swiggy.

[Thilak29]

I am not sure why do you prefer NetBanking payment mode when UPI makes it easy and reliable. Its been atleast a decade or more since I last used Debit card or NetBanking for any online payment. Credit card remains secure and preferred choice, next best is UPI using app interfaces like GPay or PhonePe.

[9216]

Originally Posted by Thilak29

I am not sure why do you prefer NetBanking payment mode when UPI makes it easy and reliable. Its been atleast a decade or more since I last used Debit card or NetBanking for any online payment. Credit card remains secure and preferred choice, next best is UPI using app interfaces like GPay or PhonePe.

I am always a step behind in technology adaptation.

I do use credit card and upi, but the issue needs clarification.

[9216]

I was under the belief that the card no is entered in a secured web site of the payment gateway. See this image. Card details are to be entered prior to going to payment gateway and is getting stored by default (including cvv).

Please pardon my ignorance in this area.